Bitcoin (BTC) Planning to Breach $70k: Buy Now?

1 month ago 31072

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Bitcoin is presenting a good buying opportunity for a potential gain of more than 10% in the short-term.

In this article, we will look at BTC price target along with weekly analysis and news roundup.

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Bitcoin Price Analysis

Current Price: $62,058
Market Cap: $1.21 trillion
24h Trading Volume: $16.48 billion
Circulating Supply: 19.5 million BTC
Max Supply: 21 million BTC

Trends are mixed but improving. It’s broken above $60K resistance and out of Symmetrical Triangle pattern and could revisit $72K. It’s now retesting that breakout level. Stop Loss at $57K.

Weekly Price Analysis

Price 7 Days Ago: $65,650
7-Day Price Change: -5.50%
Week’s Opening Price: $63,200
Trend: Short-term trend is Neutral, Medium-term trend is Up, Long-term trend is Strong Down.
Momentum is Bearish. Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $56,500.00, then $50,000.00. Nearest Resistance Zone is $72,000.00.

Technical Indicators

RSI: 45 (neutral, but leaning slightly toward oversold territory)
MACD: Bearish crossover confirmed, indicating selling momentum
Bollinger Bands: Price is approaching the lower band, signaling potential volatility and a possible reversal if buying pressure picks up.

Key Bitcoin News

Institutional interest remains high, as firms like Bitwise plan new ETFs to include Bitcoin.
Geopolitical tensions, including conflicts between Israel and Iran, are impacting global markets, adding pressure on risk assets like Bitcoin.

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